VA does not have a minimum credit score requirement, however, lenders will set a minimum credit score to ensure the credit worthiness of the buyer.
Most lender will require at least a 530 credit score.
It is also possible to qualify for loan if you do not have a credit score due to lack of credit history. Loans without credit scores require that alternative credit be presented i.e. utility payments, phone, rent, etc.
The credit history of a non-purchasing spouse must be taken into consideration.
Generally the requirement is 2 years from discharge date.
It is possible to qualify for a mortgage in less than 2 years if the bankruptcy was filed due to extenuating circumstances (those outside of your control such as unemployment or medical bills not covered by insurance) AND you have rebuilt your credit. Divorce is NOT considered to be an extenuating circumstance
If the bankruptcy has been completed and discharged, there is no waiting period.
If the bankruptcy has NOT been discharged, you must show that you have made at least 12 consecutive on time payments. You will also need to obtain the approval from the court to enter into new debt.
The standard waiting period is 2 years from the date that ownership is transfered.
This overview is not all inclusive and does not include all guidelines or potential qualifying situations. Contact us or your lender for additional information that applies to your situation.
Laura Borja | Senior Mortgage Consultant | NMLS#199107
Cell: (619) 992-4061
27271 Las Ramblas ste 150 Mission Viejo CA 920691
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